Popular travel booking app Hopper announced on Monday that it has secured $96 million investment from Capital One, which also led its Series F funding round last year contributing another $100 million.
The companies are now extending their partnership after launching Capital One Travel in 2021, which lets eligible Capital One cardholders book hotels, flights, and rental cars, offering them a variety of tools and exclusive perks such as cheap flight alerts, protection against price drops, travel rewards and more.
Matt Knise, Managing Vice President of U.S. Card at Capital One, said: ‘’With Hopper, we have found a partner who can not only match that pace, but help us continue to challenge the status quo and take a differentiated approach to building a world class travel brand. Through this strategic partnership, we’re well-positioned to adapt to a rapidly changing travel environment and create industry-leading solutions for our customers along their travel journey.”
Hopper’s CEO and Chief Executive Officer Frederic Lalonde commented: “We are thrilled to be extending our partnership with Capital One to further the growth and expansion of Capital One Travel. We look forward to continuing to deliver a game-changing travel booking experience that evolves to meet the next generation of customers’ needs.”
Hopper has been downloaded by more than 80 million people so far, and North America is where it is most often used. The app, which allows users to easily book flights, hotels, houses and rental cars, also stands out with its useful features such as the ability to “cancel for any reason”.
The company said that it has allocated most of its marketing budget this year to its in-app activities, sales events, and its Carrot Cash loyalty program that has given users $50 million worth of rewards in the last 12 months.
The app has also added various social commerce features such as referrals, share-to-earn, and team buying, and now plans to launch similar initiatives using the funding.